Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: FNU has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Frontier Nursing University, Inc (FNU) under programs of the federal government for the year ended April 30, 2025. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of FNU, it is not intended to and does not present the financial position, changes in net assets, or cash flows of FNU.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: FNU has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: FNU has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
FNU has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal Direct Student Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: FNU has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For the year ended April 30, 2025, FNU processed $48,550,036 of new loans under the Federal Direct Student Loans Program (Assistance Listing (AL) No. 84.268) (which includes unsubsidized and Parents' Loans for Graduate Students).
FNU is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program, and accordingly, it is not practical to determine the balance of loans outstanding to students and former students of FNU under the program at April 30, 2025.
Title: Nurse Facility Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: FNU has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
FNU administers the Nursing Faculty Loan Program (NFLP). Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Current year loan expenditures and disbursements are $194,061. The balance of loans outstanding at April 30, 2025, consists of:
Federal Assistance Listing Number
Program Name Outstanding Balance as of April 30, 202593.264 Nursing Faculty Loan Program $1,004,717